Asian stocks gain on US debt deal hopes

By TERESA CEROJANO , Associated Press

Oct. 15, 201312:38 AM ET

MANILA, Philippines (AP) — Asian stock markets rose Tuesday, tracking gains on Wall Street, where shares were boosted by signs that Washington was moving closer to a deal that would avert a debt default by the U.S. government.

Richard Drew

In this Thursday, Oct. 10, 2013 photo, trader Sean Spain works on the floor of the New York Stock Exchange. Three days from a deadline to increase the U.S. debt ceiling, investors were fidgety and stocks drifted lower, Monday, Oct. 14, 2013. The U.S. has to increase the amount of debt it can build up by Oct. 17 or else face a possible default on its debt, a scenario that could derail the U.S. economic recovery and roil international markets. (AP Photo/Richard Drew)

In this Thursday, Oct. 10, 2013 photo, trader Sean Spain works on the floor of the New York Stock Exchange. Three days from a deadline to increase the U.S. debt ceiling, investors were fidgety and stocks drifted lower, Monday, Oct. 14, 2013. The U.S. has to increase the amount of debt it can build up by Oct. 17 or else face a possible default on its debt, a scenario that could derail the U.S. economic recovery and roil international markets. (AP Photo/Richard Drew)

Two days from a deadline to increase the U.S. debt ceiling, investors remain focused on developments in Washington. Most think a deal will be reached in time and stock markets were holding up.

The U.S. has to increase the amount of debt it can sell by Oct. 17 or face a possible default, a scenario that could derail the U.S. economic recovery and roil international markets.

Investors in Asia "are hoping that the US can have a deal done to resolve the debt limit problem in coming days, so I think that's the biggest news for the Asian markets," said Jackson Wong, vice president at Tanrich Securities in Hong Kong.

Negotiations between Republicans and Democrats over the weekend failed to reach a conclusion either on raising the debt ceiling or the partial shutdown of the U.S. government, which has now entered a third week.

MANILA, Philippines (AP) — Asian stock markets rose Tuesday, tracking gains on Wall Street, where shares were boosted by signs that Washington was moving closer to a deal that would avert a debt default by the U.S. government.